After scoring strong gains against most major currencies in the previous session, the U.S. dollar retreated on Tuesday amid fresh concerns about outlook for global growth and on uncertainty about a significant progress in U.S.-China trade talks.
The threat of additional tariffs by the United States against some European Union goods added to the pressure. The U.S. government said it plans to slap tariffs on $4 billion of additional EU goods as part of the long-running spat over aircraft subsidies.
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Forex News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.